Cost of Living in Beloit, OH

With a cost of living index of 55, Beloit, OH is one of the most affordable cities in the country. Living here is 45% cheaper than the national average and 22% below the Ohio state average of 78. Beloit is a small community of 995 residents.

Housing costs are the biggest factor in Beloit's cost of living. The median monthly rent is $565 (57% below the US median of $1,319), and the median home value sits at $98,300 (68% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Beloit is $48,684, which is 35% lower than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Beloit. The area sees an average annual temperature of 51.7°F, with summers averaging 72°F and winters around 30°F. Annual rainfall totals 41.6 inches spread over roughly 160 days.

Everyday prices in the Youngstown-Warren, OH (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.